Well, this kind of sucks. I really expected an UP move first, and then a sell off midweek to the end of the week. This could imply just the opposite? Maybe we gap down quickly tomorrow, and then reverse hard the rest of the week? Remember, it’s OPX week… which is usually bullish.
Nice chart Diablos, but I’m not confident that it will go up first. Just based on the technical’s, it looks more likely to go down first, and then rally up in July and August to new highs.
It makes more sense that way, because I think the traders are selling ahead of the assumed end of POMO this June 30th. When Bernanke comes out with an announcement that there will be QE3, then they will rally the market back. This is all guessing on my part, but it seems to fit.
So far gang, all is going as planned.. just chopping around going no where. Remember, I can see 1353 spx on the upside… if they attempt to rally today (or tomorrow).
The dollar needs a day or two to reset the overbought conditions. Then we can expect another move higher, which would cause the market to sell off. I still think Wednesday is the key day. It could be as simple as shorting at the close on Wednesday?
Yes, my thoughts too San. I think it could chop around all day today and maybe tomorrow too? After the FOMC minutes this Wednesday I expect a big move.
Yeah,…I agree. This anemic volume supports your thesis. Wednesday will be relief from Berspanke day IMO.
Well, this kind of sucks. I really expected an UP move first, and then a sell off midweek to the end of the week. This could imply just the opposite? Maybe we gap down quickly tomorrow, and then reverse hard the rest of the week? Remember, it’s OPX week… which is usually bullish.
Nice chart Diablos, but I’m not confident that it will go up first. Just based on the technical’s, it looks more likely to go down first, and then rally up in July and August to new highs.
It makes more sense that way, because I think the traders are selling ahead of the assumed end of POMO this June 30th. When Bernanke comes out with an announcement that there will be QE3, then they will rally the market back. This is all guessing on my part, but it seems to fit.
SLV Analysis: http://niftychartsandpatterns.blogspot.com/2011/05/slv-analysis.htmlhttp://niftychartsandpatterns.blogspot.com/2011/05/slv-analysis.html
Hey Red,
This is what i expect http://screencast.com/t/duErpR6P
Where is everyone? Are you all sleeping? Lots of wild swings today… meaning we might not make it to Wednesday before a serious breakdown.
So far gang, all is going as planned.. just chopping around going no where. Remember, I can see 1353 spx on the upside… if they attempt to rally today (or tomorrow).
The dollar needs a day or two to reset the overbought conditions. Then we can expect another move higher, which would cause the market to sell off. I still think Wednesday is the key day. It could be as simple as shorting at the close on Wednesday?
Yes, my thoughts too San. I think it could chop around all day today and maybe tomorrow too? After the FOMC minutes this Wednesday I expect a big move.
I think this time the support may be held. But the up move will be stopped by the resistance line and then a big breakdown.
San, what are your thoughts on which way it will breakout?